Although the sultanate’s petroleum wealth has traditionally provided a backbone for growth, efforts are well under way to diversify away from hydrocarbons. Oman Vision 2020 has laid out plans to boost industrialisation within the sultanate and to encourage the private sector to take a more active role in the economy and in the provision of jobs, both of which are billed as key drivers for growth.
The sultanate’s economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government’s current agenda.
The mining industry is set to become an important sector in Oman’s diversification programme. Various exploratory studies, commissioned by the Directorate-General of Minerals at the Ministry of Commerce and Industry (MCI), have recently uncovered substantial deposits of metallic and non-metallic resources across the country, mainly carbonate-...
Given the energy intensity of aluminium smelting, how can the industry enhance efficiency?
As more investment and technology has found its way to Oman’s shores, the fishing industry has seen increasing productivity. In the eighth five-year development plan (2011-15), Oman is expected to spend $259m on fisheries development, and $1.3bn in the 2013-20 period. As the country contends with the difficulties of economic diversification,...
As part of broader efforts to diversify its revenue streams, Oman has invested a significant portion of its oil revenues into developing a robust industrial base. New ports, free zones and transport networks illustrate the government’s commitment to providing the infrastructure for the sultanate’s industrial development. As oil reserves continue...
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